On Wednesday, the U.S. House of Representatives voted in favor of the Secure and Fair Enforcement (SAFE) Banking Act, a landmark bill that would provide safe harbor and guidance to financial institutions that work with legal cannabis businesses. The historic vote was the first time that a standalone marijuana bill has come before the full House. The vote needed a two-thirds majority to pass and was supported by 321 votes in favor to 103 against.
The entire team at Harborside (CSE:HBOR) applauds today’s vote. For years, cannabis businesses have been hamstrung by their inability to access bank financing for acquisitions, operations and expansion. It has also forced the industry to operate largely in cash.
As one of the oldest and largest cannabis retailers in the world, Harborside executives have worked tirelessly to right the wrongs and injustices caused by federal cannabis policies. Harborside’s Co-Founder Steve DeAngelo is a founding member of the National Cannabis Industry Association (NCIA), a 2,000 member-strong organization fighting to protect legal cannabis business and advance federal policy reforms.
Jack Nichols, Esq., Harborside’s General Counsel and Chief Compliance Officer, met with congressional representatives in Washington DC earlier this year to advocate for the passage of the SAFE Banking Act. In those meetings Jack joined fellow California Cannabis Industry Association (CCIA) Federal Policy Advisory Panel members in education sessions aimed at helping representatives better understand the severe impact the lack of access to banking has had on the industry and the particular risks associated with operating in a largely cash-based industry. Nichols was also in Washington D.C. during today’s House vote to meet with Senate lawmakers and discuss next steps in this critical effort.
“We are extremely uplifted by the House vote on the SAFE Banking Act, but there is still work to be done,” said Andrew Berman, CEO of Harborside. “The Senate needs to swiftly act to adopt similar banking protections. In addition, Congress needs to approve the Marijuana Opportunity Reinvestment and Expungement Act that would start to repair the damage done by the decades of prohibition.”
The Marijuana Opportunity Reinvestment and Expungement (MORE) Act would remove cannabis from the Controlled Substances Act and take steps to begin repairing the harms of the war on drugs. The bill is sponsored by House Judiciary Committee Chairman, Jerrold Nadler (D-NY), who has already signaled that he is committed to advancing it through the House.
“Harborside’s customers, employees and investors have been directly impacted by the lack of adequate access to banking,” said Nichols. “Passage of the SAFE Banking Act and Chairman Nadler’s commitment to advancing a broader agenda of federal reform are very positive signs that we are closer than ever to decriminalization and meaningful reform.”
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating two of the major dispensaries in the San Francisco Bay Area, two dispensaries in Oregon and a cultivation facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. Co-founded by Steve DeAngelo and dress wedding in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States. Harborside is currently a publicly listed company on the Canadian Securities Exchange (“CSE”) trading under the ticker symbol “HBOR”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com, including in Harborside’s Listing Statement dated May 30, 2019.
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Company is strategically building a diverse edibles portfolio with taste-forward and effects-driven products to cater to market and consumer needs
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced the launch of Wonder Wellness (“Wonder”) Gummies and availability in Illinois. The new low-dose edibles are enhanced with botanicals to complement the overall cannabis experience, and their simple packaging communicates desired effects so wellness-minded category newcomers can consume with confidence to add cannabis as a part of their daily lifestyles.
Reports Eighth Consecutive Quarter of Positive Adjusted EBITDA and Positive Adjusted EBITDA from Cannabis Business
Aphria Inc. (” Aphria ,” ” we ,” or the ” Company “) (TSX: APHA) (NASDAQ: APHA), a leading global cannabis-lifestyle consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported its financial results for the third quarter and nine months ended February 28, 2021 . All amounts are expressed in Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts.
Thoughtful Brands, Inc. (CSE:TBI)(FWB:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands“), an eCommerce technology company that researches, develops, markets, and distributes natural health products through various brands in North America and Europe, announces that it intends to consolidate its issued and outstanding common shares (“Shares”) at a ratio of ten (10) pre-consolidated Shares to one (1) post-consolidation Share (the “Consolidation
The Company currently has 389,274,701 Shares issued and outstanding. Following the Consolidation there will be approximately 38,927,470 Shares issued and outstanding. No fractional Shares will be issued and any fractions of a Share will be rounded down to the nearest whole number of Shares. The exercise or conversion price and the number of Shares issuable under any of the Company’s outstanding convertible securities will be proportionately adjusted upon Consolidation.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination